Crude oil managed to scratch out out a last-minute gain in Friday's trading, ending one of the worst months on record for the commodity .

Oil for December delivery closed the week at $67.81 US, a rise of $1.85 from Thursday's finishing price.

All of the gain occurred in the last hour of trading, however, as oil buyers purchased the commodity to cover outstanding short sale positions, analysts said.

Despite the gain, oil experienced one of its biggest slides ever as the value of a barrel of crude was chopping by almost 35 per cent in October.

In the week of Sept. 26, a barrel of crude oil was worth $98.82, according to the U.S. government's Energy Information Agency. Last week, that same barrel was worth $64.48.

Friday's oil woes were sparked by U.S. data showing that consumer spending shrank in September by 0.3 per cent, more than analysts estimated.

Traders have been cutting their offers for the commodity because of concerns that the United States and other industrialized nations are entering a prolonged recession.

Bad economic news

Earlier in the week, the U.S. government said the economy also shrank in the latest quarter, a further sign of economic weakness.

The drop in crude prices occurred despite an October reduction in production by the Organization of Petroleum Exporting Countries. The group cut oil quotas by 1.5 million barrels a day in an effort to stop crude's price freefall.

The move did not work as traders shrugged off that news and concentrated on available economic data instead.

OPEC said it will hold a December meeting at which further cuts would be discussed.

Venezuela, a cartel member, has already called for another reduction of one million barrels per day and said OPEC should target a range of $70 to $80 a barrel as the ideal oil price.